GBP/JPY 1H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Pound has declined rapidly against the Japanese Yen on Tuesday. As a result, the pair managed to reach the lower edge of the falling wedge pattern. Meanwhile, the pattern itself implies a narrowing trading range, meaning that we may observe a confirmation in the foreseeable future. The cross is capable of bouncing off the lower trend-line, while supported by the daily S2 at 188.72. In case the pair rebounds, the near-term target will be the weekly S1 at 190.40, followed by the pattern's upper boundary at 191.13. However, a further drop is not off the table despite strongly positive (70%) SWFX sentiment, as daily technical indicators are sending signals to sell the Sterling.

© Dukascopy Bank SA
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